The government of India has not had a good relationship with crypto even though the country has one of the most important markets in the region. During the last year, the constant efforts from the Royal Bank of India to ban the use of cryptocurrencies hurt the ecosystem, especially affecting the local exchanges, which experienced a situation of general uncertainty that severely damaged their business.
The last victim of India’s regulatory pressures is Coindelta. According to a post published on its official website, the Exchange announced that it would be shutting down its services due to the “unfavorable environment” in which it has been operating since its inception:
Much to our regret, we will no longer be able to provide exchange services for cryptocurrencies. It has been really difficult for us to operate Coindelta exchange for the last 6 months. The curb on the bank accounts by RBI has made us handicapped in order to provide seamless deposit and withdrawal services. There has not been any significant progress in the Supreme Court case which makes it difficult to predict when we will see the regulation.
Running the exchange is very expensive in such unfavourable environment
Coindelta’s team revealed that in a year and a half of existence, they managed to gain the recognition of traders and enthusiasts thanks to their business strategy. The Exchange offered a 0% fee for market makers and only 0.3% for takers. This triggered a stimulus in trading which of course increased its presence and popularity.
Other Exchanges Offer Coindelta Users Alternatives For Them To Keep Trading
It is imperative that users of this exchange withdraw their funds before April 29, 2019. The Exchange has said that all markets closed on March 30, 2019. After this 30-day withdrawal period, users will not be able to move their funds freely but will have to request access through service tickets or by contacting the CoinDelta team via email.
Because of the high withdrawal fees, other exchanges have responded in solidarity with users. An example is Wazirx, which published an article on its official blog announcing that users could deposit their funds with a 100% refund of the withdrawal fee.
Another Exchange that will also support Coindelta users is Bitbns, which shared the following words this Sunday:
“We are waiving off/refunding any fee incurred while depositing funds to Bitbns from any other cryptocurrency exchange across the world. This means you can now transfer your funds from any crypto exchange to Bitbns without bearing any transfer charges,”